Big Cap. Tech Stocks Earning Results, significantly moved the market, or Nasdaq gained more than 2%. Stocks on Wall Street traded higher amid the declining interest in the Safe Haven USD as the consumer confidence index weakened. U.S. Conf. Board Cons. Confidence data in October fell significantly by 5.3 points to 102.5 (Vs. Sept. 107,8); ebbed after two straight months of gains amid high inflation and fears of a U.S. economic recession next year. Moreover, DXY dropped to the level of 110 points, or the lowest level in the past month. Other economic data showed that house prices are declining, with S&P
JCI pressure amid Risk-On investors on Government Bonds. After appreciating for six consecutive days, JCI closed down slightly by 5 points to the level of 7,048 yesterday. JCI pressure was triggered by the energy sector, which fell by more than 1% or led to a sectoral decline. On the other hand, investors’ interest in government bonds is increasing. The results from of government bonds auction recorded investor entry bids of up to IDR 17.1 trillion, surpassing the auction two weeks earlier, which was IDR 15 trillion. Investors are being selective toward Risk-On in the bond market, as the GIDR10Y reached an attractive level of 7.65% or higher 355 Bps than UST10Y, which was at 4.10%. NHKSI Research projects that today’s JCI tends to consolidate or sideways.
Download full report HERE.